GEPetrol S.A., Equatorial Guinea’s national oil company, has acquired 100 percent ownership of the ASENG Floating Production, Storage and Offloading (FPSO) unit, marking a significant development in the country’s efforts to strengthen national participation in the management of its strategic energy resources.
The agreement, signed on Wednesday at the People’s Palace in Malabo, transfers full ownership of the floating production unit previously managed through GEPSING, a joint venture involving SBM Offshore. The transaction was presided over by H.E. Teodoro Nguema Obiang Mangue, Vice President of the Republic, who described the acquisition as an important milestone in reinforcing the country’s operational capacity within the hydrocarbons sector.
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Speaking after the signing ceremony, the Vice President emphasized that the agreement reflects Equatorial Guinea’s long-term vision of increasing national participation across the oil and gas value chain while strengthening the role of GEPetrol as a strategic state-owned energy company.
The ASENG FPSO, located in Block I and currently operated by Chevron, is one of Equatorial Guinea’s most significant offshore production assets. Since commencing operations, the facility has played a key role in the country’s crude oil production and offshore energy infrastructure. With the completion of the acquisition, GEPetrol adds one of the country’s most valuable offshore production assets to its portfolio, reinforcing its position as a central player in the management and development of Equatorial Guinea’s petroleum industry.
The purchase agreement was concluded between GEPetrol and SBM Offshore, which until now participated in the ownership of the facility through GEPSING. Government officials described the transaction as another step toward strengthening national stewardship of strategic natural resources while maintaining an investment environment that encourages international partnerships and private sector participation.
According to the Vice President, the acquisition sends a strong signal of Equatorial Guinea’s determination to play a greater role in directing the future of its energy industry while continuing to promote cooperation with international operators and investors.
Technical specifications highlight the strategic importance of the ASENG production unit. The FPSO has the capacity to produce approximately 80,000 barrels of oil per day, process around 174 million cubic feet of natural gas daily, and inject up to 150,000 barrels of water per day to support reservoir management and production efficiency.
These capabilities make ASENG one of the country’s most important offshore production facilities and a critical component of Equatorial Guinea’s hydrocarbons infrastructure.
The acquisition also aligns with the Government’s broader strategy of strengthening national institutions, maximizing the value of strategic assets, and supporting long-term economic diversification through efficient resource management. Officials noted that enhancing GEPetrol’s operational capacity will contribute to improving local expertise, creating new opportunities for national participation in the energy sector, and reinforcing the country’s position as a competitive oil and gas producer in Africa.
Beyond its commercial significance, the transaction reflects continued efforts to modernize Equatorial Guinea’s energy industry while ensuring that strategic national assets increasingly contribute to sustainable economic development and long-term national prosperity. As global energy markets continue to evolve, the acquisition positions GEPetrol to play an even greater role in shaping the future of Equatorial Guinea’s petroleum sector, supporting investment, operational excellence, and greater national participation in one of the country’s most important industries.